This ratio sounds more like our usual P/E ratio, and it actually is...in terms of the price the company will pay to acquire the remaining stake and time it will take to earn it back. The reason I am strongly in favour of a buy-back is the [USE OF CASH & CASH EQUIVALENTS]. There are neither being used for business purposes, since their current business barely requires any major CAPEX and nor is the mountain of cash being deployed for other purposes such as a OTS special dividend, acquisition, etc.

If the co. can't find any good reason for deploy its cash, it might as well give it back to the shareholders, instead of sitting on it for years. It only does one thing, destroys shareholder wealth, and plenty of it!!

A rising pile of cash, invested essentially in conservative mutual fund schemes (debt & liquid) can at best earn returns of 8-10% or in an exceptional case, a little more. Compare the same with the company's Return on Equity of over 35%!!